MEIR ON METALS: Markets dive as euro sinks below $1.30
Dec 14, 2011 | 11:22 AM
Analyst Ed Meir looks at what is moving the metals markets on Wednesday.
Copper and general commentary: Copper prices fell for a second straight session on Wednesday to a two-week low, pressured by lingering unease over the European debt crisis, a stronger dollar, and weaker-than-expected macro data coming out of the USA.
Sentiment continued to deteriorate late in the US session following the Fed’s policy statement highlighting repercussions from the debt crisis in Europe and its potential impact on growth in the USA.
The Fed pointed out that “strains in global financial markets continue to pose significant downside risks to the economic outlook” and given the Fed’s guarded tone, some investors were disappointed not to have seen a more aggressive statement come out, perhaps one signaling that another quantitative easing programme could be in the works. The Fed demurred from providing any such hint, and rightfully so in our view.
Oil tacked on more than $2 per barrel on Tuesday, and was the lone standout on the upside, but apart from lingering Iranian jitters, there....
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